Moneyfacts Weekly Product News 8 04 21 | moneyfacts.co.uk

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Eleanor Williams

Finance Expert & Press Officer
Published: 08/04/2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Savings

Aldermore – 30 Day Notice Cash ISA Issue 11

This week sees Aldermore re-launch its 30 Day Notice Cash ISA. Paying 0.40% on anniversary, investors who are looking to supplement their income may be pleased to note that there is the ability to take a monthly interest option as well. When compared against other variable ISAs currently on offer, this account earns a position in our top rate tables and may be an attractive option for those able to meet the £1,000 minimum investment amount and who are looking to use their tax-free ISA allowance. Savers may be pleased to note that access is permitted, subject to either providing 30-days’ notice or a 30-day loss of interest penalty, so careful planning would be advised. On balance, the account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.40% gross / 0.40% AER payable on anniversary, monthly interest option of 0.40% gross / 0.40% AER
  • Notice / term: 30 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 30-day notice or 30-day loss of interest-penalty
  • Further additions: Permitted
  • Transfers in: Cash and Stocks and Shares ISAs and Help to Buy ISAs
  • Transfers out: Permitted, subject to 30-day notice or 30-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Aldermore’s range.

Mortgages

NatWest – Five-year fixed rate mortgage, 90% loan-to-value

In its latest update, NatWest has amended its product offerings for first-time buyers, including making reductions of up to 0.53% on certain deals. Those who are looking to purchase their first home using a 10% deposit, and for whom the ability to budget towards stable monthly payments over the longer term is important, may be very pleased to see that NatWest now offers a five-year fixed rate at 3.40%. While there may be slightly lower rates offered in this sector of the market, these deals come with higher fees than the £995 associated with this product. Furthermore, this fee can either be added to the mortgage advance or paid upfront, and borrowers who are hoping to keep any mortgage outlay to a minimum may wish to note that they may also benefit from £500 cashback as an incentive. Overall, this deal earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 3.40% fixed rate to 30.6.26
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: First-time buyers
  • Incentives: £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society –Two-year discounted variable rate mortgage, 80% loan-to-value

Furness Building Society has made a rate cut of 0.10% on its two-year discounted variable rate deal at 80% loan-to-value. Now priced and collared at 1.49%, this rate reduction has further enhanced the appeal of what was already the lowest rate within its sector. When combined with the reasonable fee of £999 and an incentive package of a free valuation while those remortgaging can also benefit from either free legal fees or £150 towards legal costs, this deal improves on its position and receives an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.49% discounted variable rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees or £150 towards legal costs
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Leeds Building Society –Two-year fixed rate mortgage, 65% loan-to-value

This week Leeds Building Society has amended its range of two-year fixed rate deals, including launching a new fee-free product which is available at a maximum of 65% loan-to-value. Priced at 1.55% to 31.7.23, this is priced only a little above the lowest rates currently offered within this sector of the market, however, for those with the required level of equity or deposit, this deal benefits further when one considers that there is no associated fee to pay and that there is also a generous incentive package available, comprising of a free valuation for all, while those remortgaging may receive help towards costs. On balance the deal receives an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.55% fixed rate to 31.7.23
  • Product fee: None
  • Maximum loan-to-value: 65%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

Cards

M&S Bank – Shopping Plus MasterCard

In its latest update, M&S Bank has made amendments to a couple of its credit cards including the Shopping Plus Mastercard. The 0% introductory balance transfer and purchase terms have both been increased to 20 months from 16- and 18-months’ respectively. This update has ensured that this is likely to be an attractive option for those wishing to make purchases and transfer debt on an interest-free basis and has improved its place in our top rate tables when compared to other similar cards currently available. Furthermore, borrowers can also benefit by earning M&S points when making purchases, which can be redeemed against M&S goods. On assessment the card earns an Outstanding Moneyfacts product rating.

Key product details:

  • Introductory rate for purchases: 0% for 20 months
  • Introductory rate for balance transfers: 0% for 20 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.90% (min £5.00) at anytime
  • Card fee: None
  • Opening method: Online, by phone, by post or in branch
  • Card management: Online, by phone, in branch, by post and via its mobile app
  • Other information: Minimum age 18, minimum income £6,800.
Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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